Attached files
| file | filename |
|---|---|
| EX-95 - EX-95 - BERKSHIRE HATHAWAY INC | d636103dex95.htm |
| EX-32.2 - EX-32.2 - BERKSHIRE HATHAWAY INC | d636103dex322.htm |
| EX-32.1 - EX-32.1 - BERKSHIRE HATHAWAY INC | d636103dex321.htm |
| EX-31.2 - EX-31.2 - BERKSHIRE HATHAWAY INC | d636103dex312.htm |
| EX-31.1 - EX-31.1 - BERKSHIRE HATHAWAY INC | d636103dex311.htm |
| 10-Q - 10-Q - BERKSHIRE HATHAWAY INC | d636103d10q.htm |
Exhibit 12
BERKSHIRE HATHAWAY INC.
Calculation of Ratio of Consolidated Earnings to Consolidated Fixed Charges
(Dollars in millions)
| Nine Months Ending | Year Ended December 31, | |||||||||||||||||||||||||
| September 30, 2018 |
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||
| Net earnings attributable to Berkshire Hathaway shareholders(1) |
$ | 29,413 | $ | 44,940 | $ | 24,074 | $ | 24,083 | $ | 19,872 | $ | 19,476 | ||||||||||||||
| Income tax expense (benefit)(1) |
7,009 | (21,515) | 9,240 | 10,532 | 7,935 | 8,951 | ||||||||||||||||||||
| Earnings attributable to noncontrolling interests |
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300 | 413 | 353 | 331 | 298 | 369 | |||||||||||||||||||
| Equity method net (earnings) losses |
(1,044) | (2,938) | (923) | 122 | 26 | 262 | ||||||||||||||||||||
| Dividends from equity method investments |
830 | 797 | 952 | 366 | — | — | ||||||||||||||||||||
| Fixed charges |
3,353 | 4,529 | 4,439 | 4,065 | 3,882 | 3,386 | ||||||||||||||||||||
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| Earnings available for fixed charges |
$ | 39,861 | $ | 26,226 | $ | 38,135 | $ | 39,499 | $ | 32,013 | $ | 32,444 | ||||||||||||||
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| Fixed charges |
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| Interest expense, including amortization(2) |
$ | 2,882 | $ | 3,927 | $ | 3,741 | $ | 3,446 | $ | 3,253 | $ | 2,801 | ||||||||||||||
| Rentals representing interest and capitalized interest |
471 | 602 | 698 | 619 | 629 | 585 | ||||||||||||||||||||
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| $ | 3,353 | $ | 4,529 | $ | 4,439 | $ | 4,065 | $ | 3,882 | $ | 3,386 | |||||||||||||||
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| Ratio of earnings to fixed charges |
11.89x | 5.79x | 8.59x | 9.72x | 8.25x | 9.58x | ||||||||||||||||||||
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| (1) | Effective January 1, 2018, changes in the fair values of investments in equity securities are included in earnings, including unrealized gains and losses on securities still held. Berkshire’s earnings for the first nine months of 2018, included net pre-tax gains on investments in equity securities of approximately $12.4 billion ($9.8 billion after-tax), which was predominantly related to market value changes during the first nine months of 2018 on securities still held at September 30, 2018. |
| (2) | Includes recurring interest expense and excludes foreign currency exchange gains and losses related to Berkshire’s Euro denominated debt and losses from prepayments of debt. |